Aliko Dangote has announced plans to double the capacity of his $20 billion oil refinery in Lagos to 1.4 million barrels per day (b/d), a move set to make it the world’s largest refining facility.
The Nigerian billionaire disclosed the plan in a recent interview with S&P Global, revealing that the company is also exploring new financing opportunities and potential partnerships with Middle Eastern investors.
According to Dangote, the expansion will build on the existing 650,000 b/d capacity of the Dangote Refinery and Petrochemicals complex, located within the Lekki Free Zone. Once completed, the upgraded facility would surpass India’s 1.36 million b/d Jamnagar refinery, currently the largest in the world.
Engineers at the site said the plant was designed with room to accommodate a second refining system, allowing for seamless expansion, S&P Global reported.
“In July, Dangote unveiled plans to expand the refinery from its current 650,000 b/d to 700,000 b/d by the end of the year. Now, the target is to reach 1.4 million b/d, with no specified date — a scale that would surpass the world’s largest 1.36 million b/d refinery in Jamnagar, India.
“Engineers working at the Lekki complex say it was designed with room for growth, pointing out empty concrete plots capable of holding a second refining system,” the report read in part.
Dangote explained that the additional investment would also support new petrochemical ventures, including linear alkylbenzene and base oils production, while increasing annual polypropylene output from one million to 1.5 million metric tonnes.
He added that his group, which now generates twice the power it consumes, is well-positioned to sustain large-scale industrial growth despite Nigeria’s infrastructure challenges.
$4 billion loan deal, plans to list on NSE, others
The report further disclosed that the company recently secured a $4 billion financing deal in August 2025, a milestone that helped ease concerns about maturing debt obligations and strengthened its overall balance sheet. The new funding package is expected to support Dangote Industries’ wider expansion strategy, including plans for a new petrochemicals project in China.
- Dangote also revealed plans to list between 5% and 10% of the refinery’s shares on the Nigerian Stock Exchange (NSE), following a similar approach to the group’s cement and sugar businesses. He explained that the company intends to retain 65–70% ownership, while the remaining shares will be gradually offered to investors based on market conditions and demand.
The expansion announcement comes as the company continues stabilization efforts at the Lekki refinery, which has faced short-term operational disruptions and labour-related challenges in 2025. The plant’s main gasoline unit, a residue fluid catalytic cracker (RFCC), temporarily went offline in September but has since resumed operations, according to the report.
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In his interview, Dangote reaffirmed his commitment to advancing Africa’s energy independence, rejecting dependence on imported fuel and calling for greater private sector participation in the refining industry.
He warned that without significant private investment, “most African governments will not have the capacity to build a refinery,” citing high interest rates and inadequate infrastructure as key constraints.
The Dangote Refinery, which began operations in 2024, currently meets around 80% of Nigeria’s fuel demand and has transformed the country into a net exporter of diesel and jet fuel. With its planned capacity expansion and new investment projects, the facility is poised to play an even greater role in shaping Africa’s energy future.
Isn’t it high time all the saboteurs of Dangote Refinery had a change of heart and supported the good work that the man is doing? Isn’t it obvious that the more the saboteurs and their sponsors try to pull him down, the more God raises and increases him? They should repent and stop being a part of evil.